Q1 2014 investor conference call May 8, 2014

1. Darren Entwistle, Executive Chair Joe Natale, President and Chief Executive Officer John Gossling, EVP & Chief Financial Officer Q1 2014 investor conference call May 8, 2014

2. TELUS forward looking statement Today's presentation and answers to questions contain statements about financial and operating performance of TELUS (the Company) and future events, including with respect to future dividend increases and normal course issuer bids to 2016 and 2014 annual targets that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from that expressed in the forward-looking statements. Accordingly, our comments are subject to the disclaimer and qualified by the assumptions (including assumptions for 2014 annual targets, semi-annual dividend increases through 2016, ability to sustain and complete multi-year share purchase programs through 2016), qualifications and risk factors referred to in the first quarter Management’s discussion and analysis, in the 2013 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.

3. Executing on our strategy • Delivering strong first quarter results • Returning significant capital to shareholders • Investing for future sustainable growth • Advancing through world class leadership progression TELUS delivering strong results and returning significant cash to shareholders

4. Healthy postpaid net additions Wireless subscribers1 Postpaid net adds (000s) 1.0M prepaid 59 48 13% 7.8M total 87% 6.8M postpaid Q1-13 Q1-14 Continued healthy expansion of postpaid subscriber base and mix shift toward higher value postpaid 1 Wireless subscribers excludes Public Mobile prepaid subscribers as at March 31, 2014.

5. Industry-leading wireless churn Blended Postpaid 1.55% 1.48% 1.39% 1.14% 1.11% 0.99% Q1-13 Q1-14 Q1-12 Q1-13 Q1-14 Q1-12 North American industry-leading postpaid churn results Lowest Q1 in seven years - third consecutive quarter with postpaid churn < 1%

6. Smartphone & data adoption driving ARPU growth $61.24 6.8 $60.04 6.6 $58.87 6.2 78% 68% 56% Q1-12 Q1-13 Q1-14 Q1-12 Q1-13 Q1-14 Postpaid subscribers (millions) Blended ARPU Smartphone % of postpaid Q1 smartphone penetration up 10 points to 78% of postpaid base supporting continued strong ARPU growth of 2%

7. Industry-leading lifetime revenue per susbcriber1 $4,406 $4,057 $3,798 Q1-12 Q1-13 Q1-14 Customers First focus generating industry-leading lifetime revenue per subscriber 1 Lifetime revenue derived by dividing ARPU by blended churn rate

8. Strong Future Friendly Home subscriber growth 59K High-speed Internet 53K TELUS TV 50K 21K 48K Residential NALs 44K 19K 16K 21K 13K 34K 34K 34K 27K 34K 38K 31K -25K -24K -34K -32K -33K Q1-14 Q2-13 Q3-13 Q4-13 Q1-13 Total wireline customer net adds 24K 12K 20K 34K 16K Combined TV and High-Speed net additions continue to exceed residential NAL losses by two times

9. Key first quarter operational highlights • Leading postpaid wireless subscriber growth – 57% share of net adds generated by major national carriers • Lowest postpaid churn in Canada & North America • Industry leading ARPU and fastest growing network revenue • Industry leading lifetime revenue per customer • Most rapidly growing wireline business in Canada • Strong EBITDA performance and revenue growth in both wireless and wireline Supporting value creation for investors and return of significant cash to shareholders

10. Q1 2014 wireless financial results TELUS delivers another strong quarter of wireless results 1 Includes Public Mobile revenue of $24M, composed of network revenues of $21M and equipment and other revenues of $3M 2 For definition, see section 11.1 in Q1 2014 Management’s discussion and analysis. 3 EBITDA as a percentage of total revenue.

11. Q1 2014 wireline financial results Strong EBITDA growth and margin expansion reflecting continued revenue growth and focus on efficiency 1 EBITDA as a percentage of total revenue.

12. Q1 2014 consolidated financial results Strong growth in revenue and profitability driven by wireless and wireline

13. EPS continuity analysis ($0.02) $0.61 $0.03 ($0.01) ($0.01) $0.06 $0.56 Higher income tax rates EBITDA (ex. Public Mobile) Lower shares outstanding Financing costs and Depreciation & Amortization Public Mobile Q1-13 (as reported) Q1-14 (as reported) EPS growth driven by strong EBITDA growth and lower shares outstanding

14. TELUS financing update • Successfully issued $1 billion in two tranche debt offering at attractive interest rates • Average cost of long-term debt 4.89% • Average term to maturity of long-term debt 10.3 years • Extended credit facility to May 2019 and expanded size from $2.0 billion to $2.25 billion TELUS balance sheet remains in strong position with significant liquidity

15. Returning significant cash to shareholders $10.1B • Executing on multi-year dividend growth and share purchase programs • Dividend - $0.38/share or $1.52 annually up 11.8% over last year • 5.4M shares purchased in 2014 for $202M at average price of $37.45 Buybacks $4.0B Dividends $6.1B 2004 to mid-2014 cumulative Strong track record of returning capital to shareholders

16. Investor Relations 1-800-667-4871 telus.com/investors ir@telus.com

17. Appendix – Q1 2014 free cash flow comparison

18. Appendix - definitions • EBITDA does not have any standardized meaning prescribed by IFRS-IASB. We have issued guidance on and report EBITDA because it is a key measure used to evaluate performance at a consolidated level and the contribution of our two segments. For definition and explanation, see Section 11.1 in the 2014 first quarter Management’s discussion and analysis.